Biparty push seeks more farmers and ranchers eligible for PPP loans
WASHINGTON, DC (NAFB) – Lawmakers are calling for clarified conditions to ensure more farmers and ranchers are eligible for loans through the Paycheck Protection Program.
The request was in a letter to the Treasury Department and the Small Business Administration. Led by Rep. Ron Kind and Senator Tammy Baldwin, of Democrats in Wisconsin, as well as Republican Senator John Thune of South Dakota, lawmakers say many farmers fell through the cracks when it was created the year last. Kind introduced legislation over the summer to increase the number of farmers eligible for a loan by allowing them to use gross income to calculate their loan grant.
The legislation was passed as part of the recent COVID-19 relief plan. However, many farmers and ranchers are organized into partnerships or limited liability companies, which are taxed differently from other farm and ranch entities. These farmers were unable to apply for loans under the recalculation due to the SBA’s interpretation of eligibility for partnerships or limited liability companies.
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